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Friday Closing Report: Nifty, Sensex ready to head lower?

 

If the Nifty breaks below 5,840 next week, the market may go below the recent bottom of 5,664
 
A sell-off in realty, banking and oil & gas stocks after the government and the RBI said it they would probe the money laundering charges in the top three private charges, dragged the market lower today. If the Nifty breaks below 5,840 next week, the market may go below the recent bottom of 5,664. The National Stock Exchange (NSE) reported a volume of 67.48 crore shares and advance-decline ratio of 517:1007.
 
The market witnessed another day of flat opening despite supportive global cues as local on cautiousness ahead of the Reserve Bank of India’s (RBI) policy review on Tuesday. US markets settled higher on Thursday as applications for jobless claims fell last week to the lowest level in nearly two months. Markets in Asia were firm in morning trade on optimism from the US and the Japanese parliament’s confirmation of Haruhiko Kuroda as the next governor of the Bank of Japan.
 
The Nifty resumed trade six points higher at 5,915 and the Sensex opened unchanged at 19,570. Buying in consumer durables, metal, oil & gas and power stocks pushed the indices higher in early trade. Encouraged by the gains, the market hit its intraday high in the first half hour of trade. The Nifty touched 5,946 and the Sensex rose to 19,673 at their highs.
 
Pressure in banking and auto stocks resulted in the benchmarks coming off the highs. The market entered the negative in late morning trade as selling intensified. The indices dropped to their lows at around 1.30pm with the Nifty falling to 5,861 and the Sensex retracting to 19,390.
 
The indices made a feeble attempt to bounce back from the lows, but sellers dominated the scene pushing the market lower once again. The market was range-bound for the remaining of the trading session. 
 
The market indices settled lower on as the government and the RBI said that they would launch a probe into alleged money laundering by three top private banks. The Nifty fell 36 points (0.62%) to settle at 5,873 and the Sensex closed 143 points (0.73%) to 19,428.
 
Among the broader indices, the BSE Mid-cap index declined 0.62% and the BSE Small-cap index dropped 0.84%. 
 
BSE Consumer Durables (up 2.49%); BSE IT (up 0.25%) and BSE TECk (up 0.02%) were the sectoral gainers today. The top losers were BSE Realty (down 2.81%); BSE Bankex (down 1.67%); BSE Oil & Gas (down 1.18%); BSE Auto (down 0.80%) and BSE Capital Goods (down 0.59%).
 
Twelve of the 30 stocks on the Sensex closed in the positive. The main gainers were Mahindra & Mahindra (up 1.48%); Tata Power (up 1.19%); Hero MotoCorp (up 0.73%); Wipro (up 0.57%) and Hindustan Unilever (up 0.49%). The major losers were ICICI Bank (down 3.93%); Tata Motors (down 3.27%); GAIL India (down 2.60%); Reliance Industries (down 1.96%) and HDFC Bank (down 1.67%).
 
The top two A Group gainers on the BSE were—Siemens (up 6.50%) and Titan Industries (up 5.78%).
The top two A Group losers on the BSE were—National Aluminium Company (down 8.81%) and Coromandel international (down 5.68%). 
 
The top two B Group gainers on the BSE were—BOC India (up 19.99%) and Gennex Laboratories (up 19.15%).
The top two B Group losers on the BSE were—Ortin Laboratories (down 19.96%) and VSF Projects (down 19.78%).
 
Of the 50 stocks on the Nifty, 22ended in the green. The key gainers were Siemens (up 6.11%); Asian Paints (up 2.42%); Lupin (up 1.90%); Ranbaxy Laboratories (up 1.54%) and M&M (up 1.34%). The chief losers were DLF (down 4.46%); ICICI Bank (down 3.76%); Tata Motors (down 3.26%); GAIL India (down 2.98%) and Jaiprakash Associates (down 2.88%).
 
Markets in Asia closed mixed after opening higher this morning. While markets in China, Indonesia, Japan and Singapore settled higher, others settled lower on profit taking after recent gains.
 
The Shanghai Composite gained 0.36%; the Jakarta Composite surged 1.34%; the Nikkei 225 climbed 1.45% and the Straits rose 0.17%. On the other hand, the Hang Seng fell 0.38%; the KLSE Composite declined 0.54%; the Seoul Composite dropped 0.78% and the Taiwan Weighted fell 0.315.
 
At the time of writing, the key European markets were in the negative and the US stock futures were mixed. 
 
Back home, foreign institutional investors were net buyers of shares aggregating Rs607.12 crore on Thursday. On the other hand, domestic institutional investors were net sellers of equities amounting to Rs829.20 crore.
 
Turnkey engineering major Punj Lloyd today said it received an offshore project in Al-Khafji, Saudi Arabia marking its entry into the Middle East market. The Rs314-crore ($57.75 million) project involves detail design, engineering, procurement, testing, transportation and construction/installation of a new crude transmission line, 40 km submarine rigid pipeline, mechanical completion, pre-commissioning, commissioning /start up, and performance testing. The stock climbed 3.82% to close at Rs48.90 on the NSE.
 
Infosys on Thursday announced the setting up of a new delivery centre in Munich to service automobile major BMW. The software exporter has bagged a five-year outsourcing deal from BMW. As a part of this deal, Infosys will manage the IT infrastructure of BMW. Infosys rose 0.13% to close at Rs2,877.90 on the NSE.
 

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RTI Judgement Series: Unaware of facts, FAA orders PIO to furnish information again!

 

The PIO provided information within 15 days and yet, unaware of the scandalous state of affairs in the food and supply department, the FAA asked him to furnish the information again. This is the 57th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application
 
The Central Information Commission (CIC), while disposing off an appeal, observed how highest authorities, instead of taking responsibility for the distressing state of affairs of their department, harass citizens and even Public Information Officers (PIOs).
 
While giving this important judgement on 2 July 2010, Shailesh Gandhi, the then Central Information Commissioner said, “The PIO has definitely given the information available with him within 15 days. The appellate authority LR Garg, joint commissioner—who cannot be unaware of this scandalous state of affairs—has just ordered that the PIO should furnish information. It is not at all clear what the PIO is expected to do.”
 
Delhi resident Suraj Pal, on 16 March 2010, sought information from the Food and Supply department of Government of the National Capital Territory of Delhi (GNCTD) about his ration card. Here is the information he sought and the answers provided by the PIO...
 
1. Furnish information regarding not printing of BPL ration card of the appellant.
PIO's reply—Cards were sent for modernization, but your card is still to be received by the department.
  
2. Furnish information that to get a printed BPL ration card appellant has to pay Rs25 or this fee is asked due to a departmental order, give certified copy.
PIO's reply—For getting the card an application has to be made on a plain paper. The amount of Rs25 is charged on form ‘A’ (New/Changing of Name of head/ Duplicate ration card.).
 
3. If no then what is the reason for not giving a ration card to the appellant.
PIO's reply—The appellant can come to the office and write an application regarding this matter.
 
4. Kindly give the name of the person who had the responsibility to print the ration card of the appellant. 
PIO's reply—New ration cards are sent to VIRGO company. The appellant’s ration card is still to come back. 
 
5. Kindly reply that taking Rs25 from the appellant by FSO and inspector is valid. If yes then under which departmental order it is taken. Furnish certified copy.
PIO's reply—There is no fee taken for making an application to the Department. Fee is only taken for form ‘A’. Please come to the office and meet the Asst. Commissioner. 
 
6. Kindly inform that will there be any action taken against the FSO and the inspector.
PIO's reply—Kindly specify your question regarding form ‘A’.
 
7. Enclose that the acts of FSO and inspector are not legal then what action is taken by the Department against them.
PIO's reply—NIL
 
8.  Kindly furnish the date by which the new ration card will be given to the appellant.
PIO's reply—Come to the office and give an application. Action will be taken.
 
Claiming the information provided by the PIO was insufficient and unsatisfactory, Pal filed his first appeal. In his order, the First Appellate Authority (FAA), ordered the PIO to redress the grievance of Pal within 15 days.
 
Then Pal approached the CIC citing non-compliance of the FAA order by the PIO and filed his second appeal.
 
During a hearing, the food supply officer, representing the PIO stated that printing of the ration cards was outsourced to a vendor called VIRGO, which had not supplied the ration cards since three years.
 
Mr Gandhi, the then CIC, observed that the PIO has given the information within 15 days, however, the FAA ordered that the PIO should furnish information. “It is not at all clear what the PIO is expected to do. The department at the highest level has to take the responsibility for the distressing state of affairs where ration cards were not being printed for three years by a vendor. It is unimaginable that the department cannot find a corrective action for this. This is unnecessarily harassing citizens and also PIOs who are left to justifying a completely unjustifiable situation,” the Commission said.
 
While disposing off the appeal, Mr Gandhi said the PIO has provided the information available with him.
 
 
CENTRAL INFORMATION COMMISSION
 
Decision No. CIC/SG/A/2010/001364/8383
http://www.rti.india.gov.in/cic_decisions/CIC_SG_A_2010_001364_8383_M_37170.pdf 
Appeal No. CIC/SG/A/2010/001364
 
 
Appellant                                      : Suraj Pal
                                                           Delhi- 110039      
 
Respondent                                   : Chokhe Lal 
                                                           Public Information Officer & 
                                                           Assistant Commissioner             
                                                           Food and Supply, GNCTD, Gov. of NCT                  
                                                           Delhi, Block C, Pkt. C, Shalimar Bagh, Delhi
 

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